M/S KARNATAKA SMALL S.INDT.DEV.COR.LTD. vs. COMMISSIONER OF INCOME-TAX,BANGALORE

set off to the extent of such brought forward business loss, unabsorbed depreciation etc., would have been adjusted and set

RAJASTHAN STATE ELECTRICITY BOARD JAIPUR vs. THE DY. COMMISSIONER OF INCOME TAX (ASSESSMENT)

In the result, we allow the appeal, set aside the

Bench: HON'BLE MRS. JUSTICE R. BANUMATHI

set off against profits and it did not in any manner affect business loss. He submits that business loss suffered by the assessee had not reduced because of the bonafide mistake committed by the appellant in calculating the depreciation

MALAYALA MANORAMA CO LTD. vs. COMMR.OF INCOME TAX, TRIVANDRUM

The appeals are allowed and the

loss or the amount of depreciation which would be required to be set off against the profit of the relevant

INCOME TAX APPELLATE TRIBUNAL vs. DY.COMMNR. OF INCOME TAX & ANR.ETC.ETC

Appeals are allowed accordingly

depreciation it results in a loss, can no adjustment in book profit under sec.115J of the I.T. Act be allowed?’ This reference was made on 25.9.1992 in the prescribed form and it was sent alongwith covering letter dated 25.9.92 to the President of the I.T.A.T. at Delhi. Thereupon the President, ITAT had accepted the reference and constituted a Special Bench

THE PRINCIPAL COMMISSIONER OF INCOME TAX III, BANGALORE vs. M/S WIPRO LIMITED

Bench: HON'BLE MR. JUSTICE M.R. SHAH

set-off and since particulars were furnished along with the original return, the ITO was bound to allow the deduction of depreciation in computing the income from business. 3.5 It is submitted that in the present case while filing the original return of income, the assessee specifically declared a loss

COMMISSIONER OF INCOME TAX CHENNAI vs. TULSYAN NEC LTD

depreciation for such financial year or part of such financial year falling within the relevant previous year. Explanation.—For the purposes of this section, “book profit” means the net profit as shown in the profit and loss account for the relevant previous year prepared under sub-section (2), as increased by— 5 (a) the amount of income-tax paid

PRINCIPAL COMMISSIONER OF INCOME TAX (CENTRAL) 2 vs. M/S MAHAGUN REALTORS (P) LTD

The appeal is allowed, in the above terms, without order on costs

Bench: HON'BLE THE CHIEF JUSTICE

losses (of the transferor company), depreciation, etc., are allowed to the transferee. Therefore, unlike a winding up, there is no end to the enterprise, with the entity. The enterprise in the case of amalgamation, continues. 31. In Maruti Suzuki (supra), the scheme of amalgamation was approved on 29.01.2013 w.e.f. 01.04.2012, the same was intimated

M/S. MANGALAM PUBLICATIONS, KOTTAYAM vs. COMMISSIONER OF INCOME TAX, KOTTAYAM

Bench: This Court & On Leave Being Granted, Civil Appeals Have Been Registered. 3.

depreciation at the rate of 7.50% on the turnover came to Rs.57,22,106.00. In respect of the daily newspaper, the assessing officer worked out the loss at Rs.22,95,872.00 as against the loss of Rs.41,23,500.00 claimed by the assessee. Taking an overall view of the matter, the assessing officer estimated the business income of the assessee

ASSTT DIRECTOR OF INCOME TAX I NEW DELHI vs. M/S E FUNDS IT SOLUTION INC

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

depreciation, investment losses, deductible expenses, carry- forward and set-off losses, etc. However, deviations are made by DTAA in cases

M/S. VIJAY INDUSTRIES vs. COMMISSIONER OF INCOME TAX

Appeals are allowed

Bench: HON'BLE MR. JUSTICE A.K. SIKRI

set off the carried-forward losses of the earlier years in accordance with Section 72 of the Act and on finding that the said losses exceeded the income, he rightly did not allow any deduction under Section 80-P(2) and the Appellate Assistant Commissioner as well as the Tribunal and the High Court were in error in taking

M/S. VEECUMSEES, MADRAS vs. COMMISSIONER OF INCOME TAX, MADRAS

The appeal is allowed

losses and carry forward depreciation. http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 3 of 3 Learned counsel for the assesses drew our attention to the judgment of this Court in B.R. Ltd. Vs. V.P. Gupta, Commissioner of Income-tax, Bombay, 113 ITR 647. this Court affirmed what had been held earlier in produce Exchange Corporation

COMMR.OF INCOME TAX-I,NEW DELHI vs. VATIKA TOWNSHIP P.LTD

Appeals of the assessees are allowed deleting the surcharge levied by the

set off of brought forward losses under Chapter VI or unabsorbed depreciation under sub- section (2) of section 32; (b) of a firm

PRIDE FORAMER S.A. vs. COMMISSIONER OF INCOME TAX

Bench: HON'BLE THE CHIEF JUSTICE

set off as loss against income under any other head subject to the conditions provided in Section 71 of the Act. 10. Section 32(2) provides unabsorbed depreciation

THE ASSTT. COMMISSIONER OF INCOME TAX vs. M/S. A.R. ENTERPRISES

set off of brought forward losses under Chapter VI or unabsorbed depreciation under sub- section (2) of section 32; (b) of a firm

JT.COMMR.OF INCOME TAX,SURAT vs. SAHELI LEASING & INDUSTRIES LTD

Appeals stand allowed as mentioned hereinabove but with

set at rest the legal controversy involved in the appeal. It is further so that Division Bench in the impugned order has decided the question of law as projected before it in the appeal preferred under Section 260 (A) of the Income Tax Act, 1961, (hereinafter referred to as 'the Act') in a most casual manner. The order

COMMISSIONER OF INCOME TAX VI vs. VIRTUAL SOFT SYSTEMS LTD

The appeal is hereby dismissed leaving parties to bear their own cost

Bench: HON'BLE MR. JUSTICE R.K. AGRAWAL

Loss Account (P&L) in addition to the depreciation claimed in books so as to make it equal to capital recovery. This is an artificial calculation which bifurcates lease rental to capital recovery and interest component. Learned senior counsel further contended that in fact the entire lease income constitutes income of the assessee. Also, there is no concept of deduction

COMMR.OF INCOME TAX,CHENNAI vs. M/S ALAGENDRAN FINANCE LTD

loss or depreciation allowance" in Section 147 after the conditions for reassessment are satisfied, is only relatable to the preceding expression in Clauses (a) and (b) viz., "escaped assessment". The term "escaped assessment" includes both "non- assessment" as well as "under assessment". Income is said to have "escaped assessment" within the http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page

NEW DELHI TELEVISION LTD vs. DEPUTY COMMISSIONER OF INCOME TAX

Bench: HON'BLE MR. JUSTICE L. NAGESWARA RAO

depreciation allowance  or  any other allowance under this Act has been computed. (ca) where a return of income has not been furnished by the assessee or a return of income has been furnished by him and on the basis of information or document received   from   the   prescribed   income­tax   authority, under sub­section (2) of section 133C, it is noticed